Business demands a stronger Zacc

THE Zimbabwe National Chamber of Commerce (ZNCC) says the fight against corruption will only make an impact if government gives the Zimbabwe Anti-Corruption Commission (Zacc) enough powers to arrest and prosecute offenders.

Economic recovery and growth has partly been affected by corruption in high offices, which the chamber said could be eroding up to 20% of the national budget.

In its resolution to the 2020 annual general meeting held recently, the ZNCC equated graft to Covid-19 and warned that unless efforts were made to combat it, talk of economic stability will remain a pipedream.

“Corruption has become a pandemic in Zimbabwe alongside Covid-19,” the ZNCC’s resolutions said. “We estimate that almost 20% of the national budget is lost through corruption. There is need to change laws and give prosecuting powers to Zacc and to strengthen its independence. Public officials facing corruption allegations should step aside. Perception risk is a reality.”

It also warned again political instability in Zimbabwe and said this was aggravating an already high-country risk status.

“We recognise the presence of the Political Actors Dialogue. However, there must be genuine engagement of political parties — there must be commitment for dialogue from the two political protagonists, Zanu PF an MDC-A,” the paper noted.

It said a multi-currency system currently operating in Zimbabwe should be maintained for up to 10 years, while the country makes full preparations for using the domestic currency as the sole medium of exchange.

The country allowed the return of foreign currencies to operate alongside the Zimbabwe dollar in March, after the domestic unit plummeted against the US dollar, triggering sharp price hikes and an inflationary scourge.

“Government should adopt the dual or multi-currency in the short to mediumterm whilst crafting a credible de-dollarisation path whose fruits can only be expected at least five years from now,” the ZNCC said.

The medium-term refers to a period between five and 10 years. The ZNCC slammed government for failing to come up with a clear de-dollarisation strategy.

“There is no clear strategy on de-dollarisation, except media reports and inconsistent pronouncements by the central bank,” the paper noted.

It said President Emmerson Mnangagwa must regularly engage business.

“Presidential roundtable meetings with the private sector should be held every quarter. PAC (Presidential Advisory Council) is not serving interests of the private sector but individuals, given that there are no reports/feedback on engagements with (the President),” the paper said. — Staff Writer.